Dezenberg & Smith, Attorneys At Law - Bankruptcy

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The advantages of bankruptcy

Bankruptcy is often viewed as a negative, even shameful thing, but the fact is that it carries advantages. It even leads to a rise in many credit scores.

Many people in Alabama have heard negative statements in relation to bankruptcy. That is, “Bankruptcy will wreck your credit score,” and, “You won’t be able to buy anything after bankruptcy,” are common refrains. Thus, it can be odd to hear “bankruptcy” paired with “advantages,” but the fact is that bankruptcy does come with quite a few benefits.

Credit scores often increase

Perhaps most interesting is the fact that many credit scores increase rather than decrease within a year after a bankruptcy. For one thing, a lot of debts get discharged, and they no longer hurt a credit score. For another thing, some people who file for bankruptcy already have subpar credit scores. There is nowhere for the scores to go but up after a filing.

Filers frequently get to keep their homes and cars

Another advantage is the ability of many filers to keep their homes and cars. A Chapter 13, for example, can help filers keep up on their mortgage payments without having to worry as much about unsecured debts such as credit cards.

People get the ability to learn from mistakes

Bankruptcy may be necessary for many reasons. Perhaps someone made many mistakes in college and racked up inordinate amounts of credit card debt. Bankruptcy is a chance for people to prove they have learned from their mistakes. They do not have to live for decades encumbered by errors they made while their brains were still forming.

That said, it is worth pointing out that many bankruptcy filers did many things right financially. All it takes is a single medical emergency or condition (being hit by a car or cancer, for example) to wreck years of careful budgeting.

The stress relief is immense

People in debt tend to get call after call from creditors. They may also be facing wage garnishments and lawsuits. Filing for bankruptcy suspends all of that, and the relief can be enormous. People can finally start to put their lives back together without the constant interference of external agents, many of whom use shady tactics.

Of course, bankruptcy may not make sense for everyone. For example, some people in dire financial straits may be able to negotiate their credit card debt down to manageable amounts or to use reputable debt consolidation agencies. Loan modification may also be possible, leading to lowered interest rates or an extended payment time window.

However, for those in Alabama who could benefit from bankruptcy, it comes with many advantages. The stress relief can be immediate when the seemingly endless calls from creditors stop, and within a year, credit scores might increase. An attorney can help determine if bankruptcy is a viable option or if something such as loan modification might be better.


“Mr. Dezenberg is very professional and friendly. My husband and I didn’t feel rushed. He explained the process in detail, and he made us feel really comfortable.” – Leticia

“Mr. Dezenberg was the nicest and most helpful lawyer I’ve ever met.” – Melissa

“several other attorneys that I asked, who don’t practice this type of law, recommended him.” – AJ

“John has represented me on more than 1 occasion and with excellent results.” – Donna W.

“Not only is he very competent, but he is always responsive and he really cares about his clients.” – Phil G.

“John is one of the best bankruptcy attorneys in North Alabama.” – Eric Artrip

“I never felt rushed at my appointments. I would highly recommend him to anyone who needs a bankruptcy attorney.” – Lisa

“His vast experience of the law makes him a powerful advocate for his clients.” – Thomas Jarvinen

“He was very open and honest and to the point. I would recommend him any day of the week.” – Tina

“He was very professional, not once did he talk down to me nor made me feel bad about myself.” – Gloria L.

“Brandon gave me the legal advice I needed. He is very knowledgeable and answered every question I asked him.” – Celeste

“I would recommend Brandon Smith to anyone that needed a great Bankruptcy Lawyer.” – John W.

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